Ripple’s XRP surges 70% as Bitcoin craze sends investors flocking to smaller cryptocurrencies

Thomas Trutschel/Photothek via Getty Images

© Thomas Trutschel/Photothek via Getty Images
Thomas Trutschel/Photothek via Getty Images

  • The price of Ripple’s XRP gained as much as 70% in hugely volatile trade on Tuesday, extending the broader cryptocurrency rally led by Bitcoin.
  • As institutional investors allocate massive amounts to Bitcoin as a hedge against inflation, other market participants are looking to alternative cryptocurrencies — or altcoins. 
  • Ripple designed XRP to perform speedy, less costly, and more scalable alternative transactions.
  • The token’s latest rally is also being driven by a central bank push to digitalize currencies.
  • Visit Business Insider’s homepage for more stories.

Ripple’s XRP surged as much as 70% on Tuesday as the third-biggest cryptocurrency extended a rally that has been kickstarted by mass interest in Bitcoin. 


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Ripple’s price has risen about four-fold since the start of the pandemic, making gains alongside Bitcoin — which rose 4% to a near all-time high of $19,241 on

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Fintech HMBradley’s 14-page pitch deck for 18.25 million Series A

Consumers are getting used to the idea of branch-less banking, a trend that startup digital-only banks like Chime, N26, and Varo have benefited from. 

The market for these so-called ‘challenger banks’ has exploded in recent years as customers are drawn to seamless account openings and optimized user experiences on their apps and websites. 

The majority of these fintechs target those who are underbanked, and rely on usage of their debit cards to make money off interchange. But fellow startup HMBradley has a different business model. 

“Our thesis going in was that we don’t swipe our debit cards all that often, and we don’t think the customer base that we’re focusing on does either,” Zach Bruhnke, cofounder and CEO of HMBradley, told Business Insider. “A lot of our customer base uses credit cards on a daily basis.”

Instead, the startup is aiming to build clientele with stable deposits. As a result,

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Bitcoin close to all-time high after topping $19,000

a close up of a bottle: FILE PHOTO: A representation of virtual currency Bitcoin

© Reuters/DADO RUVIC
FILE PHOTO: A representation of virtual currency Bitcoin

By Saikat Chatterjee and Tom Wilson

LONDON (Reuters) – Bitcoin homed in on its all-time high on Tuesday after hitting $19,000 for the first time in nearly three years.

The world’s most popular cryptocurrency was last up 3% at $18,918, near its all-time record of $19,666. Bitcoin has gained almost 40% in November alone and is up around 160% this year.

Fuelling its blistering rally had been demand for riskier assets amid unprecedented fiscal and monetary stimulus designed to counter the economic damage of the COVID-19 pandemic, hunger for assets perceived as resistant to inflation and expectations that cryptocurrencies will win mainstream acceptance.

Bitcoin’s 12-year history has been peppered with vertiginous gains and equally sharp drops. Its markets remain highly opaque compared with traditional assets such as stocks or bonds.

Its rally this year has prompted some investors to

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Is Black Friday a Good Time to Buy an Apple Watch?

By Lauren Schwahn

Apple  (AAPL) – Get Report announced its latest wearable tech, the Apple Watch Series 6 and Apple Watch SE, in September. However, this Black Friday, it might be better to keep an eye out for previous-generation models like the Apple Watch Series 5.

In past years, Best Buy,  (BBY) – Get Report Walmart  (WMT) – Get Report and other retail giants have discounted a variety of smartwatches from Apple’s lineup during the sales extravaganza. Rarely does the brand-new Apple Watch make an appearance. Here’s what the deals are looking like this year.

    >> Plus, from Robert Powell’s Retirement Daily on TheStreet: Thinking Ahead: Managing Money Later in Life

What Are The Best Black Friday Apple Watch Deals In 2020?

We’re seeing a sprinkling of Apple Watch deals among retailers’ Black Friday sales. Check out our findings below:

  • Amazon  (AMZN)
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SEC alleges Benja CEO duped investors to fund a non-existent e-commerce empire

The US Securities and Exchange Commission (SEC) has charged e-commerce startup Benja and its CEO for allegedly defrauding investors.

According to charges made public on Monday, the US agency believes the San Francisco-based firm — together with its co-founder and chief executive Andrew Chapin — fabricated an e-commerce empire by “misleading investors about purported contracts with well-known consumer brands.”

SEC’s complaint alleges that from 2018 to the present year, 32-year-old Chapin told investors that the startup had secured deals with popular clothing retailers and brands including Nike and Patagonia. To give these claims weight, the executive allegedly enlisted others to impersonate these ‘customers’ and their representatives.

“In reality, Benja never did business with the companies,” the agency says.  

One of the individuals involved in the scheme apparently also pretended to be a founder of a venture capital fund that made a “large” investment in the startup. 

See also: Former Amazon

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Elon Musk overtakes Bill Gates to become world’s second richest person behind Jeff Bezos

Elon Musk has passed Microsoft co-founder Bill Gates to become the world’s second richest person, according to the Bloomberg Billionaires Index. The Tesla CEO’s net worth now sits at around $128 billion, after increasing by $100 billion this year. There is a sizable gap between Musk and the number one spot, which is currently held by Amazon CEO Jeff Bezos who has a reported net worth of around $182 billion. In January, Musk ranked 35th on the list, Bloomberg reports.

For an idea of how the wealth of these men compares to the average American household, check out this amazing data visualization produced earlier this year in which every pixel represents $1,000.

Musk’s rapid ascent up the list has mainly been driven by Tesla’s share price. The car company currently has a market cap of almost $500 billion, after starting the year at under $100 billion. The Guardian reports that

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On-premises data warehouses are dead

Global Market Insights estimates that cloud providers will host the majority of data warehousing loads by 2025. But don’t take their word for it. Gartner estimates that 30 percent of data warehousing workloads now run in the cloud and that this will grow to two-thirds by 2024. Just a few years ago in 2016 the figure was less than 7 percent, also according to Gartner.   

None of this should be a surprise. Even the core data warehouse technology providers have seen this trend and are spending the majority of their R&D budgets to build solutions for public cloud providers. Moreover, the public cloud providers themselves have “company killing” products, such as AWS’s RedShift, a columnar database designed to compete with the larger enterprise data warehouse players. 

Past impediments to building data warehouses and data marts on public clouds included a perception that security was still an issue on public clouds.

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FBI: Fake versions of our site could be used for cyberattacks, so watch out

The Federal Bureau of Investigation (FBI) is warning the public to avoid internet domains designed to look similar to its own main official website 

The warning concerns dozens of websites that could be used to target people seeking information about the FBI’s activities or news announcements. 

“The FBI observed unattributed cyber actors registering numerous domains spoofing legitimate FBI websites, indicating the potential for future operational activity,” it said in the public service announcement (PSA) on Monday.   

SEE: Network security policy (TechRepublic Premium)

The FBI is concerned that the spoofed FBI-related domains could be used as part of future attacks aimed at stealing credentials or spreading disinformation to the public. 

It urged the public to “critically evaluate the websites they visit, and the messages sent to their personal and business email accounts, to seek out reliable and verifiable FBI information.” 

Hackers and criminals can use spoofed domains and email accounts

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Huawei’s Phone Market Share to Slump to 4% in 2021, Says TrendForce

(Bloomberg) — Huawei Technologies Co.’s global smartphone market share is expected to fall to just 4% in 2021, a precipitous drop for the company that this summer ranked as the world leader in shipments.

China’s telecommunications giant will account for 14% of the market this year and then drop to less than a third of that, TrendForce researchers said Tuesday. A sustained campaign of sanctions against Huawei from the U.S. government has resulted in the company losing access to key software, chip design and manufacturing partners, depriving it of its technological edge.

The Honor budget phone division that Huawei recently announced it is selling to a government-backed consortium in Shenzhen will take 2% of the market next year, constrained by its own component shortages and uncertainty around sanctions, according to an article posted on TrendForce’s WeChat account.

chart, bar chart: Downhill From Here

© Bloomberg
Downhill From Here

The forecast points to other established Chinese brands

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Europe’s Best Telecoms Stock Is a Real Estate Company

Take Vodafone Group Plc. The British company is reportedly planning to list its own Vantage Towers unit in Frankfurt early next year. Bloomberg News reported it’s seeking to raise about 4 billion euros in a deal that could value the business at around 20 billion euros including debt. 

The logic is straightforward if you consider the anticipated rise of 5G networks. Towers companies are essentially in the real estate business: They lease space to mobile carriers to install their antennae. As carriers provide greater 5G connectivity, they will require more antennae and therefore more tower space. Rather than splash out to build or buy more of their own towers, carriers will increasingly share them.

Vantage currently averages 1.37 antennae per tower and aims to boost that to more than 1.5 apiece in the “medium term.” Cellnex currently averages 1.58 customers. The occupancy rate is only likely to increase.

Even as

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